| Benefit | | | | components, including:ratesloan sizeloan termnumber of |
| Getting your mortgage that is fixed for at least 10 | | | | years a loan is fixed |
| years gives you a fixed period for your mortgage | | | | A loan can be fixed for a certain amount of time, |
| without the additional interest rate increase of a 30 | | | | often for less than the term of the loan. |
| year fixed loan. | | | | A loan can have a 30 year term and only be fixed for |
| For most people having their loan fixed for 10 years is | | | | 2 years. The final 28 years of the loan are adjustable. |
| more than enough security against interest rate | | | | Interest Only Option |
| fluctuations. | | | | There are now loans that offer the best of both |
| There are few people who keep a property for more | | | | worlds: long-term interest rate security and a lower |
| than 10 years. When you sell your property and buy | | | | initial payment. This loan is a 30 year fixed loan with a |
| another one, the new mortgage you get will be at | | | | 10 year interest only option. This has a rate that does |
| interest rates prevailing at that point in time. Your old | | | | not fluctuate, but the interest only period for the first 10 |
| 30 year fixed rate may not be available at the time, | | | | years allows you to make a lower payment. |
| but there is no way to avoid this. | | | | To figure out your payments, use our free online |
| How It Works | | | | mortgage calculators. |
| A mortgage loan comes with many different | | | | |